LEBANON, N.J. — HFF has arranged the sale of Presidential Place, a multifamily property located at 701 Presidential Dr. in Lebanon. Pizzo & Pizzo sold the 150-unit property to Eagle Rock Multi-Family Property Fund for $38 million or $253,000 per unit. Constructed in 2011, the six-building community features a mix of one-, two- and three-bedroom units and a clubhouse with fitness center and swimming pool. At the time of sale, the property was 95 percent leased. Zac Pierce and Mark Thomson of HFF Philadelphia, along with Jose Cruz of HFF’s New Jersey office, arranged the off-market transaction.
NORTHBOROUGH, MASS. — Marcus & Millichap (M&M) has brokered the sale of a FedEx freight facility located at 300 Bartlett St. in Northborough. Built in 2013 and situated on 24 acres, the 31,551-square-foot facility sold for $17 million or $538 per square foot. Laurie Ann Drinkwater of M&M’s Boston office and Seth Richard of M&M’s Manhattan office represented the buyer, a regional private investor, in the transaction.
NEW YORK CITY — ARM Real Estate Group has arranged the sale of 476 Union Avenue in Brooklyn’s East Williamsburg neighborhood. 476 Union Avenue LLC, a local design and development firm, purchased the mixed-use property from a local family for $2.4 million. Constructed in 2004, the two-building, 4,243-square-foot property features three units in the front three-story building and one unit in the rear building. The buyer plans to demolish the rear building and extend the depth of the front building and add an additional floor or two to the existing structure. The property’s zoning allows for a retail use on the ground floor so the new owner plans to convert the ground-floor apartment into retail space. Anand Melwani and Harrisson Zavala of ARM Real Estate Group represented both parties in the transaction.
TYNGSBORO, MASS. — Senate Construction Corp. has broken ground for an expansion at Jenike & Johanson’s global headquarters in Tyngsboro. Located at 400 Business Park Dr., the 14,000-square-foot expansion will increase the company’s facilities by 75 percent and will accommodate double the current engineering and advanced modeling and simulation staff. The new addition includes enclosed space, which the company plans to use to expand its testing laboratory with new equipment and staff. Enterprise Bank provided financing for the project, which is scheduled for completion in October.
NEW YORK CITY — Rosewood Realty Group has brokered the sale of 795 Flatbush Avenue in Brooklyn’s Flatbush neighborhood. Built in 1931, the three-story, 5,000-square-foot walk-up apartment building sold for $1.2 million. The property, which has 3,400 square feet of air rights, features four apartments and one commercial unit. Michael Kerwin of Rosewood Realty Group represented the buyer, 795 Flatbush Realty LLC, and the seller, Tanya And Angels LLC, in the transaction.
BOSTON — HFF has arranged $24.6 million in refinancing for 250 Summer Street in Boston’s Seaport district. Originally built in 1903, the eight-story, 104,709-square-foot office building is 100 percent leased to a variety of tenants, including Morrison Mahoney LLP. HFF secured the long-term, fixed-rate loan through Eastern Bank for the borrower, a partnership between Synergy Investments and Independencia Asset Management. Greg LaBine of HFF led the team that represented the borrower.
WATERBURY, CONN. — WinnDevelopment, the development arm of WinnCompanies, in partnership with Boston Financial Investment Management (BFIM) has acquired Watertown Crossing in Waterbury. Located near Route 8 and Interstate 84, the 108-unit affordable housing community comprises 18 residential townhome buildings with a mix of one-, two-, three- and four-bedroom townhome-style units. Following the acquisition from Tinman Realty, the community will undergo renovations that include in-unit upgrades to kitchens and baths; repaired siding; new windows, doors and roofing; as well as energy-efficient upgrades to the property’s HVAC systems. In addition to unit upgrades, Winn will complete site improvements, including the construction of a new 2,500-square-foot community clubhouse with a community kitchen, laundry facilities, fitness center and management office. WinnResidential, the property management arm of WinnCompanies, has managed the property since 2001 and the community continues to maintain nearly 100 percent occupancy. The project is receiving equity financing from BFIM and construction-to-permanent financing from the Connecticut Housing Finance Agency. Winn plans to begin construction immediately with completion slated for summer 2015. The Architectural Team is providing architectural services and Keith Construction is serving as general contractor for the redevelopment project.
WOODBRIDGE, N.J. — Advance Realty and F. Greek Development have broken ground for the construction of a 190,000-square-foot refrigerated warehouse and distribution center at 275 Blair Road in Woodbridge. Situated on a 9.33-acre site, the property will be fully leased to Preferred Freezer Services, a nationwide operator of temperature-controlled warehouses. The joint-venture partnership of Advance Realty and F. Greek Development is developing the built-to-suit warehouse, which is slated for completion in April 2015.
TEWKSBURY, MASS. — Tritower Financial Group has acquired Ames Pond Corporate Center in Tewksbury, a northern suburb of Boston, for $15 million. The two-building, 154,000-square-foot office property is fully leased. The sellers, Leggat McCall and Dead River Properties, originally purchased the property in 2009 from ASB Capital and completed a series of upgrades to the buildings. David Pergola and Brian Doherty of Cassidy Turley represented the sellers in the transaction.
PHILADELPHIA — Fairfield, Conn.-based HJ Sims, a privately held investment bank and brokerage firm, has expanded its senior living finance practice by opening a location in Philadelphia. The firm has hired Jim Bodine to its senior living finance team for the new office. Bodine specializes in senior living and healthcare finance and has more than 25 years of investment banking experience. HJ Sims specializes in structuring and underwriting senior living and long-term care financings, including tax-exempt and taxable bonds, mezzanine loans, equity, seed money, bank financing and FHA-insured loans. The firm also provides financial advisory services for capital planning, restructuring, and mergers and acquisitions.